Falcon Oil & Gas Ltd - Full Year Results
26 April 2024 - 8:00AM
UK Regulatory
Falcon Oil & Gas Ltd - Full Year Results
FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
26 April 2024 - Falcon Oil & Gas Ltd. (TSXV:
FO, AIM: FOG) is pleased to announce its financial results for the
year ended 31 December 2023.
The following should be read in conjunction with
the complete audited financial statements and the accompanying
Management’s Discussion and Analysis
(‘’MD&A’’) for the year ended 31 December
2023.
2023 Financial Highlights
- Debt free with cash of $8.0
million at 31 December 2023 (31 December 2022: $16.8 million).
- Continued focus on strict cost
management and efficient operation of the portfolio.
Filing of Financial Statements,
MD&A, AIF and Reserves Data
Falcon has filed its audited financial
statements for the year ended 31 December 2023, the accompanying
MD&A for year ended 31 December 2023 dated 25 April 2024, its
Annual Information Form (“AIF”) dated 25 April
2024 and the Statement of Reserves Data and Other Oil and Gas
Information (National Instrument 51-101, Forms 51-101F1, 51-101F2
and 51-101F3) with the relevant provincial securities regulators.
These filings are available for review on the Canadian System for
Electronic Document Analysis and Retrieval (“SEDAR+”) at
www.sedarplus.ca. The audited financial statements, MD&A and
AIF are also available on Falcon’s website
www.falconoilandgas.com.
CONTACT DETAILS:
|
Falcon Oil & Gas Ltd.
|
+353 1 676 8702 |
|
Philip O'Quigley, CEO |
+353 87 814 7042 |
|
Anne Flynn, CFO |
+353 1 676 9162 |
|
|
|
Cavendish Capital Markets Limited (NOMAD & Joint
Broker) |
|
|
Neil McDonald / Adam Rae |
+44 131 220 9771 |
|
|
|
|
Tennyson Securities (Joint Broker) |
|
|
Peter Krens |
+44 20 7186 9033 |
|
|
|
Consolidated Statement of Operations and Comprehensive
Loss
|
|
|
|
Year Ended
31 December 2023
$’000 |
Year Ended
31 December 2022
$’000 |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Oil and natural gas revenue |
|
|
- |
- |
|
|
|
|
- |
- |
| |
|
|
|
|
|
Expenses |
|
|
|
|
| Exploration and
evaluation expenses |
|
|
(197) |
(151) |
| General and
administrative expenses |
|
|
(2,470) |
(2,865) |
| Decommissioning
provision |
|
|
(480) |
(825) |
| Foreign exchange
loss |
|
|
(63) |
(138) |
|
|
|
|
(3,210) |
(3,979) |
|
|
|
|
|
|
| Results
from operating activities |
|
|
(3,210) |
(3,979) |
| |
|
|
|
|
| Finance
income |
|
|
322 |
298 |
|
Finance expense |
|
|
(453) |
(310) |
|
Net finance expense |
|
|
(131) |
(12) |
|
|
|
|
|
|
|
Loss before tax |
|
|
(3,341) |
(3,991) |
|
|
|
|
|
|
| Taxation |
|
|
- |
- |
| |
|
|
|
|
|
Loss and comprehensive loss for the year |
|
|
(3,341) |
(3,991) |
|
|
|
|
|
|
| Loss and
comprehensive loss attributable to: |
|
|
|
|
| |
|
|
|
|
| Equity holders of
the company |
|
|
(3,337) |
(3,994) |
| Non-controlling
interests |
|
|
(4) |
3 |
|
|
|
|
|
|
|
Loss and comprehensive loss for the year |
|
|
(3,341) |
(3,991) |
|
|
|
|
|
|
Loss per share attributable to equity holders of the company:
|
|
|
|
|
|
Basic and diluted |
|
|
($0.003) |
($0.004) |
Consolidated Statement of Financial
Position
|
|
|
At 31 December
2023
$’000 |
At 31 December
2022
$’000 |
|
|
|
|
|
|
Assets |
|
|
|
| Non-current
assets |
|
|
|
| Exploration and
evaluation assets |
|
51,287 |
42,977 |
| Property, plant and
equipment |
|
2 |
7 |
| Trade and other
receivables |
|
26 |
20 |
|
Restricted cash |
|
2,176 |
2,090 |
|
|
|
53,491 |
45,094 |
|
|
|
|
|
| Current
assets |
|
|
|
| Cash and cash
equivalents |
|
7,992 |
16,785 |
|
Trade and other receivables |
|
54 |
79 |
|
|
|
8,046 |
16,864 |
|
|
|
|
|
|
Total assets |
|
61,537 |
61,958 |
|
|
|
|
|
| Equity and
liabilities |
|
|
|
| |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
| Share capital |
|
402,120 |
402,120 |
| Contributed
surplus |
|
47,379 |
47,063 |
|
Deficit |
|
(407,197) |
(403,860) |
|
|
|
42,302 |
45,323 |
|
Non-controlling interests |
|
697 |
701 |
|
Total equity |
|
42,999 |
46,024 |
|
|
|
|
|
|
Liabilities |
|
|
|
| Non-current
liabilities |
|
|
|
|
Decommissioning provision |
|
16,204 |
15,602 |
|
|
|
16,204 |
15,602 |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
2,334 |
332 |
|
|
|
2,334 |
332 |
|
|
|
|
|
|
Total liabilities |
|
18,538 |
15,934 |
|
|
|
|
|
|
Total equity and liabilities |
|
61,537 |
61,958 |
Consolidated Statement of Cashflows
| |
|
Year Ended 31 December |
|
|
|
2023
$’000 |
2022
$’000 |
|
|
|
|
|
| Cash flows
from operating activities |
|
|
|
| Net loss for the
year |
|
(3,341) |
(3,991) |
| Adjustments
for: |
|
|
|
| Share based
compensation |
|
316 |
809 |
| Depreciation |
|
5 |
5 |
| Net finance
loss |
|
120 |
22 |
| Foreign exchange
loss |
|
63 |
138 |
| Decommissioning
provision |
|
480 |
825 |
| Change in non-cash
working capital |
|
|
|
| Decrease /
(increase) in trade and other receivables |
|
19 |
(5) |
| Decrease in accounts
payable and accrued expenses |
|
(63) |
(64) |
|
Net cash used in operating activities |
|
(2,401) |
(2,261) |
| |
|
|
|
| Cash flows
from investing activities |
|
|
|
| Interest
received |
|
180 |
33 |
| Exploration and
evaluation assets additions |
|
(6,723) |
(88) |
| Granting of ORRI to
Sheffield Holdings LP |
|
- |
6,000 |
| Exercising of TOG
Group call option |
|
- |
(6,000) |
|
Net cash used in investing activities |
|
(6,543) |
(55) |
| |
|
|
|
| Cash flows
from financing activities |
|
|
|
| Proceeds from
private placement |
|
- |
10,000 |
|
Costs related to private placement |
|
- |
(50) |
|
Net cash generated from financing activities |
|
- |
9,950 |
| |
|
|
|
| Change in cash and
cash equivalents |
|
(8,944) |
7,634 |
| Effect of exchange
rates on cash and cash equivalents |
|
151 |
257 |
| Cash and cash
equivalents at beginning of year |
|
16,785 |
8,894 |
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
7,992 |
16,785 |
All dollar amounts in this document are in
United States dollars “$”, except as otherwise indicated.
About Falcon Oil & Gas
Ltd.
Falcon Oil & Gas Ltd is an international oil
& gas company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
For further information on Falcon Oil & Gas
Ltd. please visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain information in this press release
may constitute forward-looking information. This information is
based on current expectations that are subject to significant risks
and uncertainties that are difficult to predict. Actual results
might differ materially from results suggested in any
forward-looking statements. Falcon assumes no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon’s filings with the Canadian
securities regulators, which filings are available at
www.sedarplus.ca
- 123123.3 FINAL Press release - Announcing release of 31
December 2023 results.
Falcon Oil & Gas (LSE:FOG)
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